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I am an Officer and greater-than-2% shareholder/employee of
I am an Officer and greater-than-2% shareholder/employee of my S-Corp. My S-Corp was reimbursed by a client for my travel expenses to one of the client's trainings. Does my S-Corp just pass that reimb… read more
emc011075
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Questions regarding 20% deduction for passthrough. This year, I decided to quit my full job and started my own business. My business is a LLC which for tax purpose classified as a S-Corp. In 2018, I h… read more
DK_CPA
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I have S corporation. Can I pay myself using 1099 instead of
I have S corporation. Can I pay myself using 1099 instead of W2? Then in my 1040 form, I pay payroll tax on taxable income from schedule C?… read more
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I have a question about business tax law. i am a single
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I have a newly business, LLC as a S-Corp, and I've sent only
I have a newly business, LLC as a S-Corp, and I've sent only 1 non-employee 1099 out, and I have made little money to myself, since the S-Corps pass the income as personal I was wondering if I have to… read more
emc011075
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We withdrew money from our 401K and put it in our business.
We withdrew money from our 401K and put it in our business. We received a 1099 for the amount. We used that money to pay ourselves payroll money. How do we report that on our business tax return? Is i… read more
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If I have 3 S Corps and take a salary from each, if one
If I have 3 S Corps and take a salary from each, if one loses money, on what line would i report that on my 1040 distributions? And would the loss offset the distributions and W2 income or only the K1… read more
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I have a NV S-Corp, income 2015 about 100k. Desire to pay
I have a NV S-Corp, income 2015 about 100k. Desire to pay myself and wife payroll of $22,050 to provide for another SS qualified income year. So far I have taken cash distributions but have not issues… read more
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I have a client who has a c-corp. One owner business. No shareholders.
I have a client who has a c-corp. One owner business. No shareholders. Does that count as "earned income" for her as far as qualifying for EIC Credit???? The C-corp is a separate entity which is what … read more
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I'm a small business owner and not sure how I should go
I'm a small business owner and not sure how I should go about paying myself a salary. In the past I've done a draw from my business account and now I'm looking at paying extra through quickbooks to pa… read more
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I have a single-member LLC that I am going to elect S-Corp
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When taking the home office deduction (as single owner of a
When taking the home office deduction (as single owner of a home-based S-Corp), TurboTax asks for total income and total income percentage earned at the home office. Would the income dollar amount ent… read more
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I own a small business. The business have been losing money
I own a small business. The business have been losing money almost every year but i have been paying myself a couple of thousand dollars a year in w2 in order to take advantage of the EITC. Since ther… read more
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I am on disability and received my w2/ wages r 22430 and box
I am on disability and received my w2/ wages r 22430 and box 13 is x as sick pay 3rd payer but there is no letter to show untaxable. I payed a little of the insurance from my past employer so is my pa… read more
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My single member LLC started this year electing to be taxed
My single member LLC started this year electing to be taxed as an S Corp. When I now pay myself, payroll taxes are taken out, and the business also pays payroll taxes on top of what is taken out of my… read more
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Dear Mr/Miss I am a physician employed with W2 (most income
Dear Mr/Miss: I am a physician employed with W2 (most income ) , will start to do Locum tenens job (contractor ) - just had s-corp started , had the Tax number and business account should I give the l… read more
RD
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In 2008, my LLC had a net loss of approx (100,000). The LLC
In 2008, my LLC had a net loss of approx (100,000). The LLC is taxed as a partnership with 20% of the income/loss allocated to myself (I materially contribute) and 80% of the loss to my spouse (it is … read more
Jon Andrews
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My s-corp has lost money until this year. We are now profitable,
My s-corp has lost money until this year. We are now profitable, but still have a negative retained earnings. I would like to make distributions to myself this year out of profits. Can I do that even … read more
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RD
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